Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
Togo : AFDB inks USD950K agreement with BIDC
Publish Date : 05-Mar-2013
A US$950 000 grant agreement has been inked betweeen the African Development Bank (AfDB) and the Investment and Development Bank of the Economic Community of West African States (BIDC) to strengthen the BIDC institutional capacities.
Held at the inauguration of the AfDB national office in Togo, the signing ceremony, was chaired by AfDB Resident Representative in Togo, Serge N\'Guessan, and BIDC President A. Bashir Ifo.
This grant, sourced from the Fund for African Private Sector Assistance (FAPA), financed by the Government of Japan, the AfDB, the Austrian Development Bank and the Government of Austria, will fund a technical support program allowing BIDC to implement its private sector operations strategy and processes, to reinforce its human capital and increase its resources mobilization.
The grant is included in a large technical assistance program co-funded with the French Development Agency (AFD) who offered an EUR 500 000 to BIDC in 2011 to improve its financial and risk management framework.
Lauding the excellent quality of cooperation between AfDB and BIDC, A. Bashir Ifo said : \'the grant agreement which has just been signed illustrates the vitality of this cooperation which will enable BIDC to be engaged in a program of reinforcement of its private sector operations in the region. This grant will contribute optimizing BIDC management capacities, by which the Bank will able to be placed at a constant and favorable level of performance\'.
N\'Guessan welcomed the Japanese and the Austrian Governments and people\'s support to boost the private sector development in the region.
He said : \'This assistance will enable BIDC to respond effectively to the challenges of developing and promoting the private sector in the Economic Community of West African States (ECOWAS). The success of the technical assistance program will also pave the way for other interventions for BDIC, an institution that represents the AfDB an essential partner in fulfilling our shared mission\'.
